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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 29, 1999
BATTLE MOUNTAIN GOLD COMPANY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
Nevada 1-9666 76-0151431
(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (IRS EMPLOYER
OF INCORPORATION) IDENTIFICATION NO.)
333 Clay Street, 42nd
Floor 77002
Houston, Texas
(ADDRESS, OF
PRINCIPAL EXECUTIVE (ZIP CODE)
OFFICES)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 650-6400
Not applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
5.1 Attached hereto as Exhibit 99.1 and incorporated by reference
herein is a press release dated March 26, 1999.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
c) Exhibits.
99.1 Press Release issued by Battle Mountain Gold
Company dated March 26, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: March 29, 1999 BATTLE MOUNTAIN GOLD COMPANY
(Registrant)
By: /s/ Greg V. Etter
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Name: Greg V. Etter
Title: Vice President, General Counsel and
Corporate Secretary
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EXHIBIT 99.1
BATTLE MOUNTAIN GOLD RECEIVES UNPRECEDENTED NOTIFICATION THAT RECORD OF
DECISION HAS BEEN VACATED FOR CROWN JEWEL MINE, PLAN OF OPERATIONS CAN NOT
PRESENTLY BE APPROVED; APPEALS PLANNED
Houston, March 26, 1999 -- Battle Mountain Gold Company (BMG-NYSE;
BMC-TSE) today said that it has been notified by the Department of Interior and
the Department of Agriculture that the Record of Decision (ROD) for the Crown
Jewel mine has been vacated, and that the Plan of Operations (POO) for the
property can not presently be approved. In denying the POO, in a ruling counter
to what has been the custom and practice of the industry, as long recognized by
the Department of the Interior in granting numerous plans of operation without
regard for the lode claims to mill sites ratio, the agencies stated that the
project can not rely on a greater number of mill site claims than the number of
associated lode mining claims being developed. However, the agencies also noted
that "we emphasize that there are ways for BMG to still proceed with developing
the Crown Jewel Mine consistent with the mill site limitation." BMG President
and Chief Executive Officer, Ian D. Bayer, stated that the Company is reviewing
the ruling and its impacts but called the action outrageous and unprecedented.
"This is but the latest obstacle for the Crown Jewel project, and we will seek
every recourse necessary, including legal, to have this decision reversed," he
added.
The ruling by the agencies is neither company nor project specific,
Bayer continued, but constitutes an unprecedented retroactive application of one
sentence in a November 1997 opinion by the Solicitor of the Interior Department
regarding the patenting of mill sites. The opinion interpreted a section of the
Mining Law of 1872 to restrict 5-acre mill site claims to one for every lode
claim. Battle Mountain does not agree with the interpretation, which appears
designed to retard new mining development in the U.S., Bayer added. The
retroactive application of the new interpretation is especially outrageous given
Battle Mountain's history with the Crown Jewel project, he noted. Our final
Environmental Impact Statement (EIS) and ROD were issued in January 1997
following five years of exceedingly thorough study and well in advance of the
Solicitor's opinion, Bayer continued. The ROD stated that the alternative
selected by the Bureau of Land Management (BLM) and U.S. Forest Service (USFS)
is "consistent with all laws, regulations, and policies," and "will be
implemented through the approval of Plans of Operations." In addition, the EIS
and ROD were upheld by the Regional Forester and, on summary judgment, by the
United States District Court.
Bayer added that Battle Mountain has received over 50 state and local
permits and posted over $50 million in security based upon the configuration of
the project as selected and approved by the BLM and USFS in the ROD. In
addition, it has invested a total of approximately $80 million in the Crown
Jewel project to date.
We are clearly the test case in this effort by Interior, Bayer added,
but we believe the merits of our argument are strong, and we will seek every
avenue open to us to bring the Crown Jewel mine into operation at the earliest
date possible.
THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES A
"SAFE HARBOR" FOR CERTAIN FORWARD-LOOKING STATEMENTS. OPERATING, EXPLORATION AND
FINANCIAL DATA, AND OTHER STATEMENTS IN THIS DOCUMENT, ARE BASED ON INFORMATION
THAT THE COMPANY BELIEVES REASONABLE, BUT INVOLVE SIGNIFICANT UNCERTAINTIES AS
TO FUTURE GOLD PRICES, COSTS, ORE GRADES, MINING AND PROCESSING CONDITIONS, AND
REGULATORY AND PERMITTING MATTERS. ACTUAL RESULTS AND TIMETABLES COULD VARY
SIGNIFICANTLY FROM THE ESTIMATES PRESENTED. ALSO REFER TO THE CAUTIONARY
STATEMENT CONTAINED IN THE COMPANY'S FORM 10-K AND 10-Q FOR THE MOST RECENT
REPORTING PERIODS.
